"Very good chance" of a US-China trade deal

JUAN MABROMATA  AFP

JUAN MABROMATA AFP

"I think China is very serious; we're very serious".

"We have a very good chance of making a deal", Trump said in a meeting with French President Emmanuel Macron. "We've seen our industry disappear over to China", Crosby said. They came here recently, and we're going there.

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The Trump administration has proposed tariffs on more than 1,300 Chinese products in response to complaints about China's acquisition of USA intellectual property. If the two sides can't reach agreement, he said, proposed USA tariffs on billions of dollars in Chinese goods will take effect as planned. Both countries have proposed tariffs of $50 billion on each other's products; Trump is looking to impose tariffs up to $100 billion more on Chinese goods.

Christine Lagarde, managing director of the International Monetary Fund (IMF), Saturday called on the United States and China to resolve trade tensions through rules-based multilateral institutions. He said the Chinese market is not open, and the large trade imbalance needs to be addressed.

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Mnuchin told reporters over the weekend he was considering a trip, prompting Beijing to announce Sunday that China "welcomes" the move.

While some of the rhetoric around the trade tariffs on China has ceased down over the past couple of weeks, the prospect of a trade war has not.

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